The Web Portal Equator for Short Sales

By
Real Estate Agent with Long & Foster REALTORS®, Gainesville, VA VA License # 0225089470

Bank of America and Wells Fargo have streamlined their Short Sale review process by making it electronic.  About one year ago, Short Sale agents started hearing the term Equator.  It was a web portal through which Short Sale Listing Agents, Short Sale Sellers, Negotiators and Asset Managers would be able to communicate quickly and effectively.

The use of Equator has taken the multitude of documentation that used to be faxed, and given Short Sale Agents a place to upload them electronically.  It is more secure and documents are received without ever losing one single page (a common issue when faxing paperwork to banks for Short Sale Approval.)

Short Sale review time lines are likely to be dramatically reduced by the use of Equator. 

 

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Topic:
Real Estate General Information
Location:
Virginia Prince William County
Tags:
bank of america short sales
bank of americas equator
bank of america short sale time frames

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Rainmaker
47,142
Carey Light
Keller Williams Realty
Keller Williams at Lake Nona

I had hoped this would shorten the process, however, in my case, I cannot tell that it is helping.  I have two submitted through Equator, one going on 6 months and the other over four.  I have heard rosier stories...just doesn't seem to be working for me!!

I am hopeful that all short sale processes will become more efficient for the sake of all our clients!

Thank you for the encouraging post...hopefully BOA will continue to improve.

 

June 15, 2010 05:16 PM
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1,876,882
Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Carey I just closed my first Bank of America Equator Short Sale today.  Start to finish it took a little over four months.  Hang in there.

June 15, 2010 05:47 PM
Rainer
77,929
Katherine Fornale
SFR, GRI
REMAX REALTY 9

I have the same problem as Carey.  One of them is a HELOC that took so long to approve that the first bank closed the file.  I am now redoing the first bank and I asked Bank of America (through Equator) for a 30 day extension.  My experience with Equator is they don't respond).  We'll see.

June 15, 2010 06:01 PM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Katherine:  We'll see how Equator's ratings go over time.  I've mostly heard good things so far.

June 15, 2010 06:05 PM
Rainmaker
393,772
Peggy James
REALTOR servicing Lake Ridge Virginia Area
Twins Selling Real Estate Team

Hi Chris Ann, I have Bank of America short sale that is finally Approved and will close on Friday! What I have learned is the Equator system works great until you run across a snag such as a low VA Appraisal. Normally this would be considered a speed bump in most contract negotiations. Not with Bank of America and the Equator System. The standard tasks take 10 days to be addressed or completed. Bank of America is not empowering their employee's like Wachovia Bank. Wachovia employee's call every week to give updates and check the status of the short sale once approved! I love doing Short Sales with Wachovia! 

June 15, 2010 09:46 PM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Peggy:  I had a low appraisal on my first BOA Equator short sale.  I think it depends on the investor.  Ours was ING.  They only took three days to decide on anything once it got to them.  I think having a good negotiator is also key.  Mine would tell me exactly what to do to get things expedited in the system.  Things I never would have figured out in Equator.

June 15, 2010 09:55 PM
Rainmaker
714,035
Jackie Connelly-Fornuff
Century 21 AA Lindenhurst NY
Long Island NY Real Estate Agent

I love Equator. Makes things much easier.

June 16, 2010 07:43 AM
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Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Jackie:  I think so too.  No more of the losing paperwork that literally could cause six to eight months for the sale to be approved. 

June 16, 2010 12:34 PM
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Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie
Palm Harbor & Dunedin FL Residential Real Estate
Charles Rutenberg Realty

I have had so many problems dealing with that bank that I always attempt to avoid homes that are short sales and BOA is holding the mortgage!

June 17, 2010 10:23 AM
Anonymous
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Chris Ann Cleland

Associate Broker, Northern VA
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